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Example: Moleno Company produces a single product and uses a standard cost system. The normal production volume is 120 000 units; each unit requires five direct labour hours at standard. Overheads are allocated on the basis of direct labour hours. The budgeted overhead for the coming year is as follows: FOH (Fixed Overhead) $2,160,000, VOH (Variable Overhead) $1,440,000. During the year, Moleno produced 118,600 units, worked 592,300 direct labour hours and incurred actual fixed overhead costs of $2,150,400 and actual variable overhead costs of $1,422,800. Required: a- Calculate the standard fixed overhead rate and the standard variable overhead rate. [2 marks] b- Compute the allocated fixed overhead and the allocated variable overhead. What is the total fixed overhead variance and total variable overhead variance? [3 marks] c- Break down the total fixed overhead variance into spending variance and volume variance. discuss the significance of each. [5 marks] d- Compute the variable overhead spending and efficiency variances. discuss the significance of each. [5 marks]